Weight Loss Services Market Size, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Weight Loss Services Market


The global Weight Loss Services market size is projected to reach US$ 22.94 billion by 2026, from US$ 14.14 billion in 2020, at a CAGR of 8.4% during 2021-2026.Demand for weight loss services is increasing due to growing per capita healthcare expenditure and health consciousness as a result of rising cases of obesity. Obesity is one of the major health concerns across the globe, which leads to a number of health complications, such as diabetes, Cardiovascular Diseases (CVDs), and cancers.

Various fitness campaigns and initiatives by major market players for raising awareness about health and fitness are also expected to impel the market growth over the coming years. For instance, in U.S., Campaign to End Obesity has introduced Treat and Reduce Obesity Act 2017 to encourage people to follow a proper diet plan and use various equipment for exercises.

Major companies in the market are also focusing on the development of technologically advanced products to promote weight loss services. For instance, WW International, Inc. launched Wellness Wins member rewards program in October 2018 to encourage people to follow healthy lifestyle. It is an innovative, app-based program that allows members to earn points by tracking health activities, meals, and attending WW Wellness workshops.
The points earned through this can be used to avail discounts on various products and services. Furthermore, the company also introduced WW Healthy Kitchen in March 2018, to encourage people to adopt and implement healthy habits at home and on-the-go. Thus, such instances are expected to fuel the growth of the global market over the next few years.

Market Segmentation, Outlook & Viewpoint: Global Weight Loss Services Market

Equipment Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Fitness Equipment
  
Cardiovascular Equipment
  
Strength Training Equipment
  
Infrared Light Therapy Equipment
  
Others
  
Surgical Equipment
  
Bariatric Surgery Equipment
  
Non-invasive Surgical Equipment

Services Type Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Fitness Centers
  
Slimming Centers
  
Consulting
  
Surgery
  
Other

Payment Type Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Government
  
Private Insurance
  
Out of Pocket

Key Players, Recent Developments & Regional Insights: Global Weight Loss Services Market

Fitness equipment is expected to be the fastest-growing segment over the forecast period. Increasing awareness about health and fitness among people is positively impacting the market. In addition, development of wearable technologies and incorporation of various smart devices in fitness equipment are among the key factors expected to drive the segment. The fitness equipment segment is further divided into cardiovascular equipment, strength training equipment, infrared light therapy equipment, and others.

Cardiovascular equipment is expected to grow at the highest CAGR over the forecast years. This growth can be attributed to various factors, such as ongoing initiatives undertaken by major companies and incorporation of cardiovascular training equipment with new technologies, especially in commercial clubs, health clubs, and gyms.
The non-invasive surgical equipment segment is estimated to expand at the fastest CAGR. Lesser adverse effects and rapid healing after noninvasive surgeries are the major factors propelling demand for these equipment. Greater efficiency of these procedures as compared to conventional surgical procedures is also an added advantage. For instance, as per the American Society of Plastic Surgeons, Liposuction rate has increased by 5% from 2016 to 2017 and noninvasive fat reduction procedure rate increased by 7% during the same duration. These factors are anticipated to propel the segment growth in future.

Payment Insights

Private insurance is expected to be the fastest-growing payment segment during the estimated period. Growing number of weight loss surgeries due to rising cases of obesity is one of the major reasons for segment growth. Gastric bypass, gastric sleeve, and lap band surgeries are usually covered by private insurance and since these surgeries offer effective outcomes, they have high demand. For instance, as per the Australian Institute of Health and Welfare (AIHW), hospital admission for weight loss surgery in Australia grew to 22,713 between 2014 and 2025 from 9,300 between 2005 and 2006.

Weight loss surgeries, such as endoscopic sleeve gastroplasty, gastric balloon, and tummy tuck, are generally not covered under insurance procedures, which impeded their adoption. The out-of-pocket segment is anticipated to dominate the overall market in the years to come. This segment includes services, such as fitness centers, slimming centers, and consulting services. Increasing awareness about health and fitness is expected to surge demand for these services.

Services Insights

Consulting services is expected to witness the fastest growth over the forecast period. Presence of key companies and various initiatives undertaken by them are expected to have a positive impact on the consulting services segment. Cost-effectiveness of such services is also an added advantage. Growing cases of obesity and increasing awareness about fitness result in increased demand for fitness centers.

Various health initiatives by major companies with an aim to impart fitness consciousness might also surge demand. For instance, Equinox, a luxury gym brand, organized a fitness campaign in New York in 2017, with an aim to create awareness about health and fitness. Such initiatives are expected to boost the demand. However, long-term programs and high membership costs can limit people from joining such centers, as other low-cost alternatives are also available. Therefore, the segment is anticipated to witness moderate growth.

Regional Insights

North America is expected to witness the highest revenue share over the forecast period owing to increasing cases of obesity and diabetes in the region. In addition, growing awareness regarding following a healthy lifestyle and presence of key companies are expected to drive the regional market in the next few years. U.S. held the largest share of the North America market on account of presence of leading firms, such as Atkins Nutritionals, and Herbalife, and rising prevalence of obesity and diabetes. For instance, as per CDC, in 2015 to 2016, the prevalence rate of obesity was 39.8% and approximately 93.3 million adults in the country were suffering from obesity.

Weight Loss Services Market Share Insights

Prominent companies in the global market are Atkins Nutritionals, Inc.; Nutrisystem, Inc.; Herbal Life International, Inc.; Apollo Endosurgery, Inc.; Johnson Health Tech; WW International, Inc.; Kellogg Co.; Amer Sports; Cynosure, Inc.; and Diet Health, Inc. These companies are focusing on product and service innovation to sustain the intense competition. They are also taking various initiatives to introducemore innovative ways for weight loss, such as Zumba, sports-specific performance training, aquatic exercise classes and introduction of new weight loss supplements.

For instance, in October 2016, Atkins Nutritionals, along with Chefd, launched a low-carb meal solution for health-conscious customers. This product launch helped firm in increasing its customer base. Furthermore, in July 2018, Nutrisystem, Inc., introduced a new line of daily vitamin packs to its South Beach Diet programs. This is expected to expand the companys geographic reach. Such initiatives are expected to have a positive impact on the market growth.

Key Insights Covered: Global Weight Loss Services Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Weight Loss Services industry.
2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Weight Loss Services industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Weight Loss Services industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Weight Loss Services industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Weight Loss Services industry.

Research Methodology: Global Weight Loss Services Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other